ETF Evaluator:
Grayscale Bitcoin Miners ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Equity Digital Assets Over the Last Year
| 103.7% | CoinShares Bitcoin Mining ETF (WGMI) |
| 92.3% | State Street® Galaxy Dgtl Ast Ecosys ETF (DECO) |
| 85.8% | State Street® Galaxy HdgDgtlAstEcosysETF (HECO) |
| 29.1% | Grayscale Bitcoin Miners ETF (MNRS) |
| 20.3% | VanEck Onchain Economy ETF (NODE) |
Risk
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Risk
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ETF Details
Grayscale Bitcoin Miners ETF Overview
Grayscale Bitcoin Miners ETF (MNRS) is a passively managed Sector Equity Equity Digital Assets exchange-traded fund (ETF). Grayscale launched the ETF in 2025.
The investment seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Miners Index.
Under normal circumstances, the fund will invest at least 80% of its net assets in the constituents that comprise the index and in other instruments that have economic characteristics and provide investment exposure similar to the component securities of the index. The index is designed to provide exposure to global bitcoin mining companies that generate revenue from bitcoin mining activities or mining related hardware, software and/or services. The fund is non-diversified.
About Grayscale Bitcoin Miners ETF (MNRS)
There are 2 members of the management team with an average tenure of 1.50 years: Rafael Zayas (2025) and Austin Wen (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Indxx Bitcoin Miners TR USD index with a weighting of 100%. Grayscale Bitcoin Miners ETF has 27 securities in its portfolio. The top 10 holdings constitute 68.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Grayscale Bitcoin Miners ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Grayscale Bitcoin Miners ETF has 24.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 75.6% There is 24.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Grayscale Bitcoin Miners ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $181 million average for the Equity Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MNRS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Grayscale Bitcoin Miners ETF expense ratio is average compared to funds in the Equity Digital Assets category. Grayscale Bitcoin Miners ETF has an expense ratio of 0.59%, which is 11% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Grayscale Bitcoin Miners ETF has a portfolio turnover rate of 65%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 91% for the Equity Digital Assets category.
Recently, in the month of July 2026, Grayscale Bitcoin Miners ETF returned -18.2%, which earned it a grade of F, as the Equity Digital Assets category had an average return of -8.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Grayscale Bitcoin Miners ETF has a trailing yield of 0.47%, which is below the 5.75% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Grayscale Bitcoin Miners ETF Grades
Year to date, the ETF has returned 15.2%, 5.9 percentage points better than the category, which translates into a grade of A. The fund has returned 29.1% over the past year (grade of A).
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MNRS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MNRS Return (NAV) | -18.2% | -1.7% | 29.1% | na | na | na |
| MNRS Return (Price) | -17.5% | -1.3% | 29.5% | na | na | na |
| NAV +/- Price Return | -0.693% | -0.342% | -0.340% | na | na | na |
| Equity Digital Assets Avg | -8.3% | -2.1% | 14.8% | 28.7% | 0.9% | na |
| MNRS Grade (NAV) | F | B | A | na | na | na |
| +/- Category (NAV) | -9.9% | 0.5% | 14.3% | na | na | na |
| MNRS Tax-Cost Ratio | na | na | 0.2% | na | na | na |
MNRS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MNRS Return (NAV) | 15.2% | na | na | na | na | na | na | na | na | na | na |
| MNRS Return (Price) | 15.2% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | na | na | na | na | na | na | na | na | na | na |
| Equity Digital Assets Avg | 9.3% | 25.2% | 41.5% | 213.3% | -78.9% | 31.6% | 88.2% | 29.2% | na | na | na |
| MNRS Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.9% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 12 Mil |
| Share Class Assets: | $ 12 Mil |
| Turnover: | 65.0% |
| Expense Ratio: | 0.59% |
| Index Fund: | Yes |
| Index Tracked: | Indxx Bitcoin Miners TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Zayas Rafael (2025), Wen Austin (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 27 |
| % in Top 10 Holdings: | 68.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 24.3% |
Portfolio Allocation |
|
| Domestic Stock: | 75.6% |
| Foreign Stock: | 24.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Grayscale |
| Phone Number: | 866-775-0131 |
| Website: | |
| Inception Date: | January 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.59% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.67% |
